Ethereum Stalls at $2,800 Amid Weakening Institutional Demand

Ethereum's recent price action has left many wondering if it can sustain its momentum. CoinCodex historical data shows that ETH closed near $2,687 on Oct. 4, after briefly reaching $2,765 a day earlier. This leaves Ethereum back in familiar territory, with $2,800 remaining the level bulls have repeatedly failed to turn into support.

The structure identified by our breakout analysis still holds, with $2,700-$2,800 being the key area separating consolidation from a larger push toward $3,000. If ETH can stabilize above $2,700 and eventually close above $2,800, the next major target is around $3,000. However, a rejection would keep $2,600, $2,650 in focus as the first meaningful support region.

One obstacle to Ethereum's attempt to extend its rally is the weakening of institutional demand. U.S. spot Ethereum ETFs recorded three consecutive sessions of net outflows through Oct. 2, including $59.6M on Sept. 30, $55.4M on Oct. 1 and $17.3M on Oct. 2, according to Farside Investors.